A payday loan is one of these options. While they can provide money quickly if youre in a pinch, they actually lead to more issues and deeper debt in the future. Payday loans are small, short-term cash loans that are due back on your next payday. Simple enough right. Wrong. The reason these loans lead to so much trouble is that there are little-to-no regulations for them in Dallas. This means that you can be charged excessive fees and interest rates simply for needing to borrow in the first place.
Just like with auto title loans, the state of Texas hasnt created very many laws to stop the predatory lending that takes advantage of low-income families and individuals. Because of the lack of regulations, payday loans in Texas will cost you about twice as much as they would in other states.
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46 per month. Total amount repayable of £1628. 28 Interest: £428. Interest rate: 49. 9 pa (variable). 9 APR Representative. Were a fully regulated and authorised credit broker and not a lender.